Blinking lights yes. But steady lights doesn't seem to make a difference unless it's shining directly into the driver's eyes (not a good idea also).

During WW2, the Allies tried to experiment making planes less visible during daytime from the ground via "active camouflage system" - a very primitive version of the ones we see in movies.

Guess what? The solution was to put steady lights of medium brightness (same color) all over the plane's skin. Where the plane's skin is not illuminated by the sun or shadowed by parts of the plane, lights on that part are turned on. Initially, controlling the lights were made manually but would eventually be automated using early photovoltaic cell devices. Ironically, the experiments proved the system was successful in making the plane less visible from ground observers.

I'm not saying that lights are useless or would make things worse (in most cases, it's a good thing for daytime use). Just sharing a fun fact that lights when used in a certain environment like aircraft during daytime can also make it less visible.

For bikes, the light needs to be considerably brighter than the background if to be used to make you more visible.